Dogecoin DOGE/USD has weakened from its recent highs above $0.09, registered on August 16, to $0.067, and the current price stands around $0.070.
DOGE could weaken even more in the upcoming days, the strong support level stands at $0.060, and if the price breaks it, the next price target could be at $0.050 or even below.
Dogecoin’s biggest selling point continues to be its robust community
Dogecoin (DOGE) is an open-source, peer-to-peer cryptocurrency that utilizes blockchain technology it was launched in December 2013 by programmer Billy Markus and marketer Jackson Palmer.
Dogecoin is inspired by a popular meme known as Doge, and like any other cryptocurrency, DOGE has a floating exchange rate with many digital assets and can similarly be bought, traded, and exchanged for cash or physical goods.
The popularity of this cryptocurrency began at a time when developers were just beginning to explore the possibilities afforded by Bitcoin’s invention, and according to Elon Musk, the only thing hindering this coin from becoming the “official currency of the internet” is its high concentration level among a few rich people.
Given its limitless supply, DOGE may be less attractive as an investment, but it continues to be most often used in online tipping over social networks like Reddit, where DOGE is exchanged between content creators and peers.
Dogecoin’s biggest selling point continues to be its robust community of enthusiastic fans, known as Shibes, who cares about supporting each other, being kind, teaching people about cryptocurrency, fundraising, having fun, making memes, and being absurd.
Dogecoin (DOGE) has weakened from its recent highs registered on August 16, 2022, and the risk of further declines is probably not over. Traders should have in mind that if the price of Bitcoin falls again below the $20000 support, that will negatively influence Dogecoin.
$0.060 represents a strong support level
The cryptocurrency market remains under pressure, and probably it is not the best moment to buy Dogecoin (DOGE).
According to Markus Jalmerot, co-founder and director of CryptoLists.com, the crypto market could experience one more drastic sell-off after comments from St. Louis Federal Reserve President James Bullard, who is talking about another big interest rate increase.
Markus Jalmerot, co-founder and director of Crypto Lists Ltd, said:
Investors are concerned about the risk of recession, and if central banks continue to act aggressively, this could potentially move the global economy toward a recession. In that situation, Dogecoin (DOGE) and most other cryptocurrencies could decline even more.
The strong support level for DOGE stands at $0.060, and if the price breaks it, the next price target could be around $0.050 or even below.
Summary
Dogecoin (DOGE) has weakened from its recent highs registered on August 16, 2022, and the risk of further declines is probably not over. Traders should consider that if the price of Bitcoin falls again below the $20000 support, Dogecoin could be at much lower price levels.
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from Cryptocurrency – Invezz
